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White Owl raises ₹40 crore in Series B funding

Mumbai-based brewery White Owl has received a growth capital investment of Rs. 40 crore led by IIFL India Private Equity Fund and supported by its existing investors.

The new funds will be used to deepen White Owl’s presence in its existing markets, expand the brand’s presence to new markets (within India and abroad), and grow its portfolio to include both Strong Craft Beer and Kegged Craft Beer nationwide.

With this investment, White Owl has raised Rs. 70 crore to date, validating the popularity of premium craft beer in India across its growing millennial consumer base.

White Owl’s growth plans include a balanced focus on expanding its geographical footprint and its broader craft beer portfolio. In addition to deepening its presence across Mumbai, Pune, Goa, Delhi & Bengaluru, White Owl is preparing to enter five new markets across north and south India as well as two international markets by the end of FY 20, for which.

White Owl currently sells ₹20,000 cases of its craft beer each month that is expected to more than double by the end of FY20.

“We are thrilled to deepen our relationship with the IIFL Asset Management Team that shares our ethos of ambitious growth coupled with disciplined business practices. The beer market in India is an incredibly exciting and dynamic space with robust long term growth drivers, driven by incredibly smart consumers. We will remain relentlessly consumer-focused and committed not only to top quality beer but also to new styles of craft beer that just aren’t available in India today," Javed Murad, Founder of White Owl said.

“It’s remarkable to see how White Owl has expanded beyond just a single point of sale in Mumbai to over 2,500 bars and wine shops across the country in just a few years. We look forward to building a strong partnership with White Owl’s incredibly committed and disciplined management team as they propel their brands to inevitable market leadership," Prashasta Seth, Senior Managing Partner, at IIFL Asset Management said.

White Owl’s portfolio includes Spark, a classic summery Belgian Wit, Diablo, a caramel-roast Irish Red Ale; and Ace, a bubbly Apple Cider Ale, which to date remains India’s only locally-bottled cider available across the country. White Owl will launch a strong German Hefeweizen late October and Kegs in early December to its existing offering of bottles and cans nationwide to cater to the increasing demand for craft beer on tap beyond the walls of the India’s growing microbrewery cluster.